Dow Diamonds (DIA) Consolidating - Mid-Day Minute for Thu July 20th 2006

Jul 20

Dow Diamonds (DIA) Consolidating

by Mike Paulenoff, Thu July 20th, 2006

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The DIAs are consolidating around 110.00, which represents a Bull Flag-type of pattern that should resolve itself in another pop towards a test of the May-July resistance line in the vicinity of 111.50/70. Only a sustained decline below 109 will begin to compromise the constructive upmove from Tuesday's low. From a longer perspective, the June-July lows could represent the two coordinates of a large Double Bottom, which will trigger a powerful upside breakout upon a hurdle of the 113.00 resistance plateau.

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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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Spot gold continues to respect the integrity of its up-slanted channel off of the Dec 29 corrective low at $1522.48. More…

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